Remittance company registration cancelled

Austrac has cancelled the registration of Sydney remittance company Bisotel Rieh Pty Ltd. The company's registration was suspended in September due to concerns about possible terrorism financing.

The company, which has links to the Islamic State fighter Khaled Sharrouf, was unable to account fully for A$21 million in transactions.

Austrac said in a statement that it had considered a submission from the company on why the cancellation should not proceed but remained "sufficiently concerned" that its continued registration may involve a terrorism financing risk.